STORY: Nippon Steel fights back after Biden blocks U.S. Steel deal
SHOOTING TIME: File
DATELINE: Jan. 13, 2025
LENGTH: 00:01:31
LOCATION: Tokyo
CATEGORY: POLITICS/ECONOMY

SHOTLIST:
1. various of Nippon Steel's headquarters
2. various of the press conference
3. SOUNDBITE (Japanese): EIJI HASHIMOTO, Japan's Nippon Steel CEO
4. various of the press conference
5. various of screenshots of news reports

STORYLINE:

U.S. President Joe Biden earlier this month blocked Japan's Nippon Steel's proposed acquisition of U.S. Steel, citing national security concerns.

Nippon Steel CEO Eiji Hashimoto said Biden's decision was politically motivated, while stressing the company has no intention to give up on the takeover deal.

Hashimoto told a press conference that the Japanese steel giant would continue to fight for a successful buyout of U.S. Steel as it has filed lawsuits against the U.S. government as well as rival steel company Cleveland-Cliffs Inc., its CEO and the president of the United Steelworkers labor union.

SOUNDBITE (Japanese): EIJI HASHIMOTO, Japan's Nippon Steel CEO
"President Biden responded to this effort for political reasons. A review of the deal by the Committee on Foreign Investment in the United States (CFIUS) was not properly conducted due to President Biden's illegal intervention, which is completely unacceptable. We are not going to give up. There is no reason or need to give up. That is my view, and also the agreed stance of Nippon Steel and U.S. Steel."

As Nippon Steel and U.S. Steel pointed out, the blockage of the deal sent "a chilling message to any company based in a U.S. allied country contemplating significant investment in the United States."

The New York Times also argued that the decision is "a departure from America's long-established culture of open investment, one that could have wide-ranging implications for the U.S. economy."

It is also likely to raise concerns about U.S. receptiveness to future foreign investment, with president-elect Donald Trump also opposing the deal, according to the Financial Times.

Japan is the largest source of foreign direct investment in the United States. In November 2024, Japanese Prime Minister Shigeru Ishiba asked Biden to approve Nippon Steel's acquisition of U.S. Steel to avoid marring recent efforts to strengthen ties between the countries, Reuters said in a report.  

Xinhua News Agency correspondents reporting from Tokyo.
(XHTV)